US Consumer Group Says Trump Crypto Ventures Cost Investors at Least $4.7 Billion
JH Kim
Summary
- Public Citizen, a US consumer advocacy group, said investor losses from President Trump’s cryptocurrency ventures totaled at least $4.7 billion.
- The group said it analyzed World Liberty Financial’s governance token, Trump NFT Trading Cards, the TRUMP memecoin, and Trump Media’s digital-asset business pursued by President Trump since 2022.
- Public Citizen said about $3.2 billion of the total estimated losses came from the TRUMP memecoin, while losses tied to the USD1 stablecoin were limited.
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Investors have lost at least $4.7 billion from cryptocurrency ventures pursued by US President Donald Trump, a consumer advocacy group claimed.
Cointelegraph reported on Aug. 27 that Public Citizen estimated those losses after analyzing crypto-related businesses Trump has pursued since 2022.
The analysis covered the Trump family’s World Liberty Financial project, including its WLFI governance token, as well as Trump NFT Trading Cards, the TRUMP memecoin and Trump Media’s digital-asset business.
Public Citizen said roughly $3.2 billion of the estimated losses stemmed from the TRUMP memecoin. Losses tied to World Liberty Financial’s USD1 stablecoin were not significant, it added.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.